SHANGHAI, Apr. 24 (SMM) – LME lead prices overnight opened at USD 2111.8/mt. During Asian trading session, China’s April PMI data was reported higher than March but still below 50, intensifying market concerns over Chinese economic growth. Later, the euro zone PMI was also reported disappointing. Thus, LME lead prices continued declines and finally closed at USD 2,072/mt, down USD 46.8/mt. Trading volumes decreased by 1181 lots to 6,556 lots, and positions were only up 599 lots to about 121,000 lots. LME lead inventories fell 750 mt to 368,400 mt.
The US dollar index closed at 79.39, while COMEX 3 month silver closed at USD 30.6/oz, down USD 1.12/oz or 3.53%.
On Tuesday, SHFE lead prices may open lower and move between RMB 15,600-15,750/mt, and domestic spot prices should be between RMB 15,550-15,700/mt.